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E.O. Wilson and Chris Westley on Science and Mathematics

September 16, 2013 in Economics

By Mises Updates


In today’s Mises Daily:

…While this is not an issue for Austrian economists using a priori and deductive logic in the development of economic theory and concepts, mainstream economics remains wedded to the idea of using data as an end in itself, such that the availability of data alone often determines the extent of economic inquiry. As a result, concepts such as capital that do not lend themselves to mathematical analysis are often ignored by the mainstream or assumed to be constant (so as to simplify their use in modeling techniques). This shortcoming is one of the explanations for the mainstream’s infamous misdiagnosis of the housing bubble from a decade ago and is one of the primary reasons for the mainstream’s ignorance of malinvestments resulting from state money creation in general.

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